Asian Stocks record poor performance following China’s tech company crackdown

07.07.2021 - Davydova Maria
Asian Stocks record poor performance following China’s tech company crackdown

Asian share markets performed poorly on Wednesday while a bout to avert risk ramped up bonds and the dollar. Investors prepare for the minutes from the Federal Reserve’s last meeting that could offer hints on a hawkish shift in the U.S. monetary policy.

Dealers were eager to find the reason behind the sudden mood swing but China’s recent moves to regulate its technology companies made an impact.

Hong Kong stocks tallied a 0.9% crash to near six-month lows, while U.S.-listed ride-hailing company Didi Global Inc dropped more than 20% in New York.

Alibaba and JD (NASDAQ: JD).com all plunged.

MSCI’s broadest index of Asia-Pacific shares outside Japan shed 0.6%, while Japan’s Nikkei was down 1.2%.

However, Australian stocks notched up 0.7% and Chinese blue chips gained 0.8%.

EURO STOXX 50 futures and FTSE futures rose 0.1%, while Nasdaq futures and S&P 500 futures were steady.

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